Ethereum sinks as major groups sell $51mln – Yet ONE signal hints at relief
Ethereum remains under heavy selling pressure, with its price dropping to around $2,856 amid a broader market downturn. Both whales and institutional investors are contributing to the decline. A major whale deposited over 17,800 ETH (worth approximately $51.4 million) into Binance, realizing significant profits. Meanwhile, Ethereum Spot ETFs experienced five consecutive days of outflows, totaling around $533 million, indicating institutional bearishness.
Despite the downtrend, a sharp shift to negative exchange netflows suggests reduced selling pressure and potential emerging demand. ETH is currently testing a key support level near $2,807. If this level holds, a rebound toward $2,929 or even $3,200 is possible. A breakdown, however, could lead to further declines toward $2,633.
ambcrypto12/18 22:04